Overview of Munich


Economy of Munich


Home > Expat Guides > Europe > Germany > Munich
Tools:

Germany is one of the world's most advanced market economies. It is the world's third largest economy in USD exchange-rate terms, the fifth largest by purchasing power parity (PPP) and the largest economy in Europe.

The story for Munich is just as flattering. Compared to other German cities, Munich has the strongest economy and also boasts of the lowest unemployment rate (5.6 %). It is the economic centre of southern Germany and is considered a global city. Hardly surprising that it is home to the headquarters of Siemens AG (electronics), BMW (car), MAN AG (truck manufacturer, engineering), Linde (gases), Allianz (insurance) and Munich Re (re-insurance). Among German cities with more than 500,000 inhabitants purchasing power is highest in Munich (26.648 Euros per inhabitant) as of 2007.

Munich is also a centre for biotechnology, software and other service industries. Aircraft engine manufacturer MTU Aero Engines, the space and defence contractor EADS, the injection molding machine manufacturer Krauss-Maffei, the camera and lighting manufacturer Arri, the semiconductor firm Infineon Technologies, the DRAM company Qimonda, as well as many foreign companies like Precision Plus, McDonald’s and Microsoft have their German or European headquarters in Munich.

In the finance sector, Munich is home to Hypo Vereinsbank, Bayerische Landesbank and insurance companies like Allianz and Munich Re.

Munich has earned itself the reputation of being Europe’s publishing capital. It is home to the Süddeutsche Zeitung, one of Germany's largest daily newspapers. It also plays host to Germany's largest public broadcasting network, ARD, and its largest commercial network, Pro7-Sat1 Media AG and the Burda publishing group. One of Europe's biggest and most famous movie production studios, the Bavaria Film Studios is also located in the suburb of Grunwald.

Lufthansa has opened a second hub at Munich's Franz Josef Strauss International Airport, the second-largest airport in Germany, after Frankfurt International Airport.

Sources

  1. http://en.wikipedia.org/wiki/Economy_of_Germany
  2. http://en.wikipedia.org/wiki/Munich#Economy

Update 2/04/2008

Tools:

Facebook Twitter Google+ LinkedIn Pinterest Addthis

Recommended Service Partners

International Movers

When you move internationally you are taking a big step. Lots of things are changing and you have a million things to think about and take care of. If you are able to select a top of the line moving company that moves for a modest price, it can take a big weight of your shoulders in busy times.

Our network of international removal companies can move your furniture & possessions to Germany and anywhere overseas.

Filling in the form at the bottom will allow you to request up to 5 quotes from various moving companies. This service is free of charge and will help you select an international moving company that suits your needs and budget.



Do you have comments or personal information to communicate about this article? Add your comment.


Go to the Forum to talk more about economy of Munich, overview.


Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).